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Still scope for US interest rate cut, says IMF's chief economist

There is still room for the U.S. Federal Reserve to cut interest rates, the International Monetary Fund's (IMF) chief economist suggested ahead of the latest decision on rates from the central bank on Wednesday.

by downgrading their economic forecast, tweaking the language in their statement and reducing their interest rate forecasts. Many analysts are now pricing in two rate cuts by the end of 2019. The Fed's decision on interest rates is due at 2 p.m ET on Wednesday.

President Trump has long been vocal in exerting pressure on the U.S. central bank to cut rates but Gopinath emphasized the importance of independent central banks "particularly on the operational side when it comes to making big policy decisions."

The Fed's forthcoming decision on rates comes after European Central Bank (ECB) President Mario Draghi signaled Tuesday that more stimulus, in the form of a possible rate cut, could be forthcoming for the euro area.

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